GIC-backed auto components maker Endurance Technologies Ltd has bought Grimeca Srl, an auto-parts manufacturer headquartered in Italy. In a separate development, Bengaluru-headquartered MTR Foods is in talks to buy a controlling stake in Kerala-based spice company Eastern Condiments Pvt. Ltd. Meanwhile, Switzerland-based agri-food investment firm Pioneering Ventures acquired agri-tech company Lateral Praxis for an undisclosed amount.
Endurance Technologies acquires Italian auto-parts maker
GIC-backed auto components maker Endurance Technologies Ltd has bought Grimeca Srl, an auto-parts manufacturer headquartered in Italy, per a report by VC Circle.
This marks Endurance’s second acquisition in a span of two months. In April, it acquired a 99 per cent stake in Italy-based Adler SpA, which provides systems solutions for clutches and gears, among others.
The current acquisition has been routed through Endurance Adler SpA, a step-down subsidiary of Endurance Overseas Srl, the report added.
MTR Foods in talks to buy a stake in Eastern Condiments
MTR Foods, headquartered in Bengaluru, is in talks to buy a controlling stake in Kerala-based spice company Eastern Condiments Pvt. Ltd, per media reports.
MTR Foods, controlled by Norwegian conglomerate Orkla, makes packaged foods such as ready to eat meals, spices, snacks, and beverages, among others.
The deal size could be between Rs 1,800 crore and Rs 2,000 crore (about $237-$264 million), per a report by The Economic Times.
Established in 1989, Eastern Condiments is promoted by the Meeran family. It is known for manufacturing spices, pickles, and rice-based products, among others. US-based McCormick & Company owns 26 per cent stake in the company.
Pioneering Ventures buys Lateral Praxis
Switzerland-based agri-food investment firm Pioneering Ventures acquired Mumbai-headquartered agri-tech company Lateral Praxis for an undisclosed amount.
According to a statement issued by the former, the move is aimed at enhancing downstream reach of tech-enabled solutions for the food supply chain including information access, apps, data analytics and risk mitigation.
Founded in 1999, Lateral Praxis works closely with central and state governments, ministries and departments, along with farmer communities to build, configure and implement knowledge-based systems.